The Empire State Manufacturing Survey showed “manufacturing activity expanded in New York State in January,” the Federal Reserve Bank of New York reported Tuesday, as the general business conditions index improved to 13.48 in January from 8.19 in December.
Economists surveyed by Thomson Reuters had expected the index would rise to 11.00.
The new orders index grew to 13.70 from 5.99, while the shipments index rose to 21.69 from 20.06, and unfilled orders improved to negative 5.49 from negative 15.12, the Fed said.
The delivery time index fell to negative 3.30 from zero, while the inventories index reversed to positive 6.59 from negative 3.49 in the prior survey. The prices paid index rose to 26.37 from 24.42 and the prices received index surged to 23.08 from 3.49. The number of employees index jumped to 12.09 from 2.33, while the average employee workweek index grew to positive 6.59 from negative 2.33, the Fed reported.
Looking six months into the future, the general business conditions index climbed to 54.87 from 45.61 last month. The new orders index slid to 53.85 from 54.65, the shipments index rose to 52.75 from 51.16 and unfilled orders slipped to 5.49 from 8.14, the Fed said.
The delivery time index crept to 6.59 from 2.33 and the inventories index jumped to 10.99 from 9.30.
The prices paid index decreased to 53.85 from 56.98, while the prices received index fell to 30.77 from 36.05. The number of employees index gained to 28.57 from 24.42, the average employee workweek index slid to 17.58 from 22.09, the Fed reported. The capital expenditures expectations index gained to 25.27 from 23.26. The technology spending index rose to 19.78 from 15.12.